|
|
REGISTRATION
NO.
|
:
|
708570-A
|
|
COMPANY NAME
|
:
|
TIMURAN
ENTERPRISE SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION
DATE
|
:
|
06/09/2005
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
Private
Limited
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
9-1, Jalan 11, Taman Kepong, 52100 Kuala Lumpur, Wilayah
Persekutuan, Malaysia.
|
|
BUSINESS
ADDRESS
|
:
|
Lot 2236, Kawasan Perusahaan Kampung Jaya, Jalan Hospital,
Off Jalan Kusta, 47000 Sungai Buloh, Selangor, Malaysia.
|
|
TEL.NO.
|
:
|
03-61403301
|
|
FAX.NO.
|
:
|
03-61572960
|
|
CONTACT PERSON
|
:
|
SOW THIAM POH
( DIRECTOR )
|
|
|
|
|
INDUSTRY CODE
|
:
|
46202
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADING OF PALM
OIL PRODUCTS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
5,000,000.00 DIVIDED INTO
ORDINARY SHARE 5,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
1,500,000.00 DIVIDED INTO
ORDINARY SHARES 100,000 CASH AND 1,400,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
SALES
|
:
|
MYR 89,294,841
[2013]
|
|
NET WORTH
|
:
|
MYR 4,830,167
[2013]
|
|
|
|
|
STAFF STRENGTH
|
:
|
10 [2014]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER
CHECK
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
LOW
|
|
CURRENCY
EXPOSURE
|
:
|
MODERATE
|
|
GENERAL
REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY
OUTLOOK
|
:
|
MATURE
|
The Subject is a private limited company and is allowed to have a
minimum of one and a maximum of forty-nine shareholders. As a private limited
company, the Subject must have at least two directors. A private limited
company is a separate legal entity from its shareholders. As a separate legal
entity, the Subject is capable of owning assets, entering into contracts, sue
or be sued by other companies. The liabilities of the shareholders are to the
extent of the equity they have taken up and the creditors cannot claim on
shareholders' personal assets even if the Subject is insolvent. The Subject
is governed by the Companies Act, 1965 and the company must file its annual
returns, together with its financial statements with the Registrar of
Companies.
The Subject is principally engaged in the (as a / as an) trading of
palm oil products.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital History
|
Date
|
Authorised
Shared Capital
|
Issue &
Paid Up Capital
|
|
30/06/2013
|
MYR
5,000,000.00
|
MYR
1,500,000.00
|
The major shareholder(s) of the Subject are
shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
MR. SOW THIAM
POH +
|
22, JALAN
KERUING, BUKIT BANDARAYA BANGSAR, 59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
560419-10-5799
8212650
|
1,499,999.00
|
100.00
|
|
MS. CHIANG MEI
LENG
|
22 JALAN
KERUING, BUKIT BANDARAYA, 59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
590817-10-5724
5760352
|
1.00
|
0.00
|
|
|
|
---------------
|
------
|
|
|
|
1,500,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR 1
|
Name Of
Subject
|
:
|
MS. SOW KIM
YIM
|
|
Address
|
:
|
2860, JALAN 5,
JINJANG UTARA, 52100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
New IC No
|
:
|
820722-14-5468
|
|
Date of Birth
|
:
|
22/07/1982
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
10/04/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
MR. SOW THIAM
POH
|
|
Address
|
:
|
22, JALAN
KERUING, BUKIT BANDARAYA BANGSAR, 59100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
8212650
|
|
New IC No
|
:
|
560419-10-5799
|
|
Date of Birth
|
:
|
19/04/1956
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
06/09/2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of Subject
|
:
|
SOW THIAM POH
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
Auditor
|
:
|
K.S.CHAI &
CO.
|
|
Auditor'
Address
|
:
|
9-M, JALAN 11,
TAMAN KEPONG, 52100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
1)
|
Company
Secretary
|
:
|
MS. LEE WAI
CHING
|
|
IC / PP No
|
:
|
7289020
|
|
New IC No
|
:
|
640222-08-5034
|
|
Address
|
:
|
2112,JALAN
E5/19, TAMAN EHSAN KEPONG, 52100 KUALA LUMPUR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN
BANKING BHD
|
|
|
|
|
|
|
|
|
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
1
|
12/07/2007
|
N/A
|
MALAYAN
BANKING BHD
|
MYR
1,944,549.00
|
Unsatisfied
|
|
2
|
10/12/2010
|
TRADE
FINANCING GENERAL AGREEMENT
|
HSBC BANK
MALAYSIA BHD
|
-
|
Unsatisfied
|
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
Subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER
CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
|
|
SOURCES OF RAW
MATERIALS:
|
|
Local
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
|
OVERALL
PAYMENT HABIT
|
|
Prompt 0-30
Days
|
[
|
|
]
|
|
Good 31-60
Days
|
[
|
X
|
]
|
|
Average 61-90
Days
|
[
|
|
]
|
|
|
Fair 91-120
Days
|
[
|
|
]
|
|
Poor >120
Days
|
[
|
|
]
|
|
|
|
|
|
|
|
Local
|
:
|
YES
|
|
Domestic
Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
EUROPE
ASIA
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded
|
:
|
PALM OIL
PRODUCTS
|
|
|
|
|
Total Number of
Employees:
|
|
|
YEAR
|
2014
|
2013
|
2012
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
10
|
20
|
20
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of palm oil
products.
The Subject has been a trader and exporter of various palm oil products and
oleochemicals for the manufacturing of soap and toiletry products for more
than 20 years.
The products including Refined, Bleached and Deodorized (RBD), Palm Oli and
Palm Stearin; Soya Bean Oil; Refined Glycerine,Soap Noodles; Stearic Acid;
Palm Acid Oil; Coconut Oil; Vegetable Oil; Palm Fatty Acid; Soya Fatty Acid;
Coconut Fatty Acid.
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone
Number Provided By Client
|
:
|
N/A
|
|
Current
Telephone Number
|
:
|
03-61403301
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address
Provided by Client
|
:
|
MALAYSIA
|
|
Current
Address
|
:
|
LOT 2236,
KAWASAN PERUSAHAAN KAMPUNG JAYA, JALAN HOSPITAL, OFF JALAN KUSTA, 47000
SUNGAI BULOH, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
Latest
Financial Accounts
|
:
|
YES
|
Other
Investigations
On 12th November 2014 we contacted one of the staff from the Subject and he
provided some information on the Subject.
The address provided is incomplete.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2009 - 2013
|
]
|
|
|
Profit/(Loss)
Before Tax
|
:
|
Increased
|
[
|
2009 - 2013
|
]
|
|
|
Return on
Shareholder Funds
|
:
|
Acceptable
|
[
|
18.38%
|
]
|
|
|
Return on Net
Assets
|
:
|
Acceptable
|
[
|
18.36%
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's turnover
increased steadily as the demand for its products / services increased due
to the goodwill built up over the years.The higher profit could be
attributed to the increase in turnover. The Subject's management had
generated acceptable return for its shareholders using its assets.
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Current Ratio
|
:
|
Acceptable
|
[
|
1.13 Times
|
]
|
|
|
|
|
|
|
|
|
|
The Subject
has an adequate liquidity position with its current liabilities well covered
by its current assets. With its net current assets, the Subject should be
able to repay its short term obligations.
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Liability
Ratio
|
:
|
Unfavourable
|
[
|
2.94 Times
|
]
|
|
|
|
|
|
|
|
|
|
The Subject
has high liabilities ratio and it may face financial difficulties if no
additional capital is injected.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment :
|
|
|
|
|
|
|
|
Generally, the
Subject's performance has improved with higher turnover and profit. The
Subject was in good liquidity position with its total current liabilities
well covered by its total current assets. With its current net assets, the
Subject should be able to repay its short term obligations. The Subject's
liabilities level was high and its going concern will be in doubt if there
is no injection of additional shareholders' funds in times of economic
downturn and / or high interest rates.
|
|
|
|
|
|
|
|
|
Overall financial
condition of the Subject : FAIR
|
|
|
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic
Indicators:
|
2010
|
2011
|
2012
|
2013
|
2014**
|
|
|
|
|
|
|
|
Population (
Million)
|
28.35
|
28.70
|
29.30
|
29.80
|
30.30
|
|
Gross Domestic
Products ( % )
|
7.2
|
5.1
|
5.6
|
5.3
|
6.0
|
|
Domestic
Demand ( % )
|
6.3
|
8.2
|
9.4
|
5.6
|
6.4
|
|
Private
Expenditure ( % )
|
8.1
|
8.2
|
8.0
|
7.4
|
7.9
|
|
Consumption (
% )
|
6.7
|
7.1
|
1.0
|
5.7
|
6.5
|
|
Investment ( %
)
|
17.7
|
12.2
|
11.7
|
13.3
|
12.0
|
|
Public
Expenditure ( % )
|
3.8
|
8.4
|
13.3
|
1.2
|
2.3
|
|
Consumption (
% )
|
0.2
|
16.1
|
11.3
|
(1.2)
|
2.1
|
|
Investment ( %
)
|
2.8
|
(0.3)
|
15.9
|
4.2
|
2.6
|
|
|
|
|
|
|
|
Balance of
Trade ( MYR Million )
|
118,356
|
116,058
|
106,300
|
110,700
|
52,314
|
|
Government
Finance ( MYR Million )
|
(40,482)
|
(45,511)
|
(42,297)
|
(39,993)
|
(37,291)
|
|
Government
Finance to GDP / Fiscal Deficit ( % )
|
(5.6)
|
(5.4)
|
(4.5)
|
(4.0)
|
(3.5)
|
|
Inflation ( % Change
in Composite CPI)
|
5.1
|
3.1
|
1.6
|
2.5
|
3.3
|
|
Unemployment
Rate
|
3.9
|
3.3
|
3.2
|
3.0
|
3.0
|
|
|
|
|
|
|
|
Net
International Reserves ( MYR Billion )
|
329
|
415
|
427
|
-
|
417
|
|
Average
Risk-Weighted Capital Adequacy Ratio ( % )
|
2.20
|
3.50
|
2.20
|
-
|
-
|
|
Average 3
Months of Non-performing Loans ( % )
|
15.30
|
14.80
|
14.70
|
-
|
-
|
|
Average Base
Lending Rate ( % )
|
6.30
|
6.60
|
6.53
|
6.53
|
-
|
|
Business Loans
Disbursed( % )
|
14.7
|
15.3
|
32.2
|
-
|
-
|
|
Foreign Investment
( MYR Million )
|
22,517.9
|
23,546.1
|
26,230.4
|
38,238.0
|
-
|
|
Consumer Loans
( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Registration
of New Companies ( No. )
|
44,148
|
45,455
|
45,441
|
46,321
|
-
|
|
Registration
of New Companies ( % )
|
6.2
|
3.0
|
(0.0)
|
1.9
|
-
|
|
Liquidation of
Companies ( No. )
|
25,585
|
132,476
|
-
|
-
|
-
|
|
Liquidation of
Companies ( % )
|
(34.5)
|
417.8
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Registration
of New Business ( No. )
|
271,414
|
284,598
|
324,761
|
329,895
|
-
|
|
Registration
of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business
Dissolved ( No. )
|
19,738
|
20,121
|
-
|
-
|
-
|
|
Business
Dissolved ( % )
|
2.0
|
1.9
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Sales of New
Passenger Cars (' 000 Unit )
|
543.6
|
535.1
|
552.2
|
-
|
-
|
|
Cellular Phone
Subscribers ( Million )
|
32.8
|
35.3
|
38.5
|
43.0
|
-
|
|
Tourist
Arrival ( Million Persons )
|
24.6
|
24.7
|
25.0
|
25.7
|
-
|
|
Hotel
Occupancy Rate ( % )
|
63.0
|
60.6
|
62.4
|
62.6
|
-
|
|
|
|
|
|
|
|
Credit Cards
Spending ( % )
|
14.1
|
15.6
|
12.6
|
-
|
-
|
|
Bad Cheque
Offenders (No.)
|
33,568
|
32,627
|
26,982
|
28,876
|
-
|
|
Individual
Bankruptcy ( No.)
|
18,119
|
19,167
|
19,575
|
21,984
|
-
|
|
Individual
Bankruptcy ( % )
|
11.7
|
5.8
|
2.1
|
12.3
|
-
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ):
|
2010
|
2011
|
2012
|
2013
|
2014**
|
|
|
|
|
|
|
|
Agriculture
|
2.4
|
5.8
|
1.0
|
2.1
|
3.8
|
|
Palm Oil
|
(3.4)
|
10.8
|
(0.3)
|
2.6
|
-
|
|
Rubber
|
9.9
|
6.1
|
(7.9)
|
(10.1)
|
-
|
|
Forestry &
Logging
|
(3.3)
|
(7.6)
|
(4.5)
|
(7.8)
|
-
|
|
Fishing
|
5.6
|
2.1
|
4.3
|
1.6
|
-
|
|
Other
Agriculture
|
7.9
|
7.1
|
6.4
|
8.2
|
-
|
|
Industry
Non-Performing Loans ( MYR Million )
|
508.4
|
634.1
|
-
|
-
|
-
|
|
% of Industry
Non-Performing Loans
|
2.1
|
3.2
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Mining
|
(0.3)
|
(5.4)
|
1.4
|
0.9
|
(0.8)
|
|
Oil & Gas
|
0.5
|
(1.7)
|
-
|
-
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry
Non-performing Loans ( MYR Million )
|
49.7
|
46.5
|
-
|
-
|
-
|
|
% of Industry
Non-performing Loans
|
0.1
|
0.1
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Manufacturing
#
|
11.9
|
4.7
|
4.8
|
3.4
|
6.6
|
|
Exported-oriented
Industries
|
12.1
|
4.1
|
6.5
|
3.3
|
5.6
|
|
Electrical
& Electronics
|
28.4
|
(4.0)
|
12.7
|
6.9
|
13.3
|
|
Rubber
Products
|
25.3
|
20.7
|
3.0
|
11.7
|
(0.3)
|
|
Wood Products
|
20.1
|
(5.1)
|
8.7
|
(2.7)
|
5.1
|
|
Textiles &
Apparel
|
(0.4)
|
13.2
|
(7.1)
|
(2.6)
|
11.5
|
|
Domestic-oriented
Industries
|
16.3
|
10.7
|
1.7
|
6.8
|
9.4
|
|
Food,
Beverages & Tobacco
|
3.0
|
4.8
|
2.7
|
3.6
|
6.1
|
|
Chemical &
Chemical Products
|
16.2
|
10.0
|
10.8
|
5.6
|
-
|
|
Plastic
Products
|
2.4
|
3.8
|
-
|
-
|
-
|
|
Iron &
Steel
|
29.3
|
2.2
|
(6.6)
|
5.0
|
0.1
|
|
Fabricated
Metal Products
|
14.9
|
21.8
|
13.8
|
9.9
|
2.9
|
|
Non-metallic
Mineral
|
20.2
|
12.1
|
2.9
|
(2.0)
|
5.4
|
|
Transport
Equipment
|
36.5
|
12.0
|
3.4
|
13.8
|
22.9
|
|
Paper &
Paper Products
|
18.7
|
9.5
|
3.1
|
1.8
|
4.7
|
|
Crude Oil
Refineries
|
(11.4)
|
9.3
|
-
|
-
|
-
|
|
Industry
Non-Performing Loans ( MYR Million )
|
6,217.5
|
6,537.2
|
-
|
-
|
-
|
|
% of Industry
Non-Performing Loans
|
23.8
|
25.7
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Construction
|
11.4
|
4.7
|
18.6
|
10.9
|
10.0
|
|
Industry
Non-Performing Loans ( MYR Million )
|
4,038.5
|
3,856.9
|
-
|
-
|
-
|
|
% of Industry
Non-Performing Loans
|
10.7
|
10.2
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Services
|
7.4
|
7.0
|
6.4
|
5.9
|
6.2
|
|
Electric, Gas
& Water
|
7.8
|
3.5
|
4.4
|
4.2
|
3.6
|
|
Transport,
Storage & Communication
|
7.7
|
6.5
|
7.1
|
7.3
|
7.5
|
|
Wholesale,
Retail, Hotel & Restaurant
|
4.7
|
5.2
|
4.7
|
5.9
|
6.9
|
|
Finance,
Insurance & Real Estate
|
6.10
|
6.90
|
9.70
|
3.70
|
4.65
|
|
Government
Services
|
5.9
|
12.4
|
9.4
|
8.3
|
6.1
|
|
Other Services
|
4.4
|
5.1
|
3.9
|
5.1
|
4.8
|
|
Industry
Non-Performing Loans ( MYR Million )
|
7,384.6
|
6,825.2
|
-
|
-
|
-
|
|
% of Industry
Non-Performing Loans
|
25.7
|
23.4
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate /
Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
|
|
|
|
|
|
|
|
MSIC CODE
|
|
46202 :
Wholesale of palm oil
|
|
|
|
INDUSTRY :
|
PALM OIL
|
|
|
|
|
Oil palm is
one of the main drivers of Malaysia's agriculture sector where it has
accounting for 71% of its agricultural land bank. Malaysia is the one of the
biggest producers and exporters of palm oil prodcuts in the growing global
need for oils and fats. The palm oil industry is expected to grow about
7.1% over the next 10 years where it is driven by new plantation expansion,
venture of large plantation companies into high potential downstream
activities such as processed food, biodiesel, second generation biofuel and
oleochemicals. Malaysia currently accounts for 39 % of world palm oil
production and 44% of world exports. Taken into account of other oils &
fats produced in the country, Malaysia accounts for 12% and 27% of the
world's total production and exports of oils and fats. Being one of the
biggest producers and exporters of palm oil and palm oil products, Malaysia
has an important role to play in fulfilling the growing global need for
oils and fats sustainably.
|
|
|
In year 2013,
the production of crude palm oil is envisaged to rebound 2.5% to 18.9
million tonnes on account of expanded matured areas to 4.44 million
hectares. However Malaysian palm oil’s supply and demand for February 2013
with palm oil stocks continued to be lower for the consecutive two months
at 2.444 million tonnes, a decrease of 5.23% from January 2013 and was
slightly above the average estimation at 2.42 million tonnes. The exports
in February 2013 fell 13.98% to 1.398 million tonnes while the palm oil
production reduced 19.15% to 1.296 million tonnes. The palm oil production
would be expected to be in dismal as the oil palm had entered a low yield
cycle currently.
|
|
|
According to
the 2013 Budget, the palm oil sector contracted 8.6% during the first half
of the year 2012 due to the less favourable weather conditions and natural
production down cycle that constrained the output of fresh fruit bunches.
However, the yield is expected to improve in the later part of the year,
with the subsector registering a smaller contraction of 2.8% in 2012. Total
planted areas of oil palm increased substantially by 77,106 hectares to
five million hectares as at end-June 2012. Of the total planted areas,
28.4% or 1.5 million hectares are located in Sabah. With the acceleration
of planting activity, total planted areas are expected to increase to 5.1
million hectares in 2012.
|
|
|
According to the
Performance Management and Delivery Unit (Pemandu), the Palm Oil National
Key Economic Area (NKEA), Malaysia's most important commodity is expected
to contribute from RM125 billion to RM178 billion to the Gross National
Income (GNI) and create about 41,600 jobs by 2020, with the government's
focus on eight Entry Point Projects (EPPs). As part of the government's
efforts to accelerate the country's replanting and new planting programme
and manage stock levels, the government has allocated an additional RM432
million as funds for independent smallholders' replanting and new planting
initiatives in 2013. According to Pemandu, the government will also
accelerate the replanting of oil palm by plantations and smallholders as
well as new planting by independent smallholders to 130,000 ha. and raise
the area complying with best practices by an additional 200,000 ha. in
2013.
|
|
|
However, the
future performance of the industry is unpredictable as with many factors that
can give impact to the industry is still unknown. Nationally, the
sentiments seem positive, internationally there are mixed signals but with
the current growth rate, an expected increase in demand, a recovering global
economy, analysts and industry sources are reckoning that the bull may be
able to hold the bear back.
|
|
|
Under the palm
oil National Key Economic Areas (NKEAs) in 2011, the launches of the Oil
Palm Replanting and New Planting Smallholders Schemes ware improved the
smallholders agricultural practices in 2012.The oil extraction rate is set
to improve to 21.05% in three-year from 2012 to low of 19.70% as 1.35 more.
|
|
|
In driving
speedier harvesting of oil palm fruits, the government has introduced the RM1,000
discount scheme to encourage the use of motorised sickle called Cantas and
diamond blade sharpeners to enhance the palm oil industry. MPOB appointed
100 enforcement officers to visit mills to ensure the only good quality
crops are processed. Since 2007, the palm oil industry has grown at an
average of 14.5 per cent annualy until 2012. If the momentum is maitained
for next 5 to 8 years, malaysia will achive its target of two million of
hecters palm oil.
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : Mature
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
Incorporated in 2005, the Subject is a Private Limited company, focusing on
trading of palm oil products. Having been in business for more than 5 years,
the Subject has established a remarkable clientele base for itself which
has contributed to its business growth. With a paid up capital of MYR
1,500,000, the Subject has greater opportunities to expand its business
when the needs arise. Under the control of its directors, we considered
that the Subject's business position in the market is much dependent on
their abilities.
Over the years, the Subject has penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is
competing in the industry. Its stable clientele base will enable the
Subject to further enhance its business in the near term. Being a small
company, the Subject's business operation is supported by 10 employees.
Overall, we regard that the Subject's management capability is average.
This indicates that the Subject has greater potential to improve its
business performance and raising income for the Subject.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. Return on shareholders' funds of
the Subject was at an acceptable range which indicated that the management
was efficient in utilising its funds to generate income. The Subject
managed to maintain an adequate liquidity level, indicating that the
Subject has the ability to meet its financial obligations. The Subject has
high liabilities ratio and it may face financial difficulties if no
additional capital is injected. Given a positive net worth standing at MYR
4,830,167, the Subject should be able to maintain its business in the near
terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises.
Overall, the Subject's payment habit is good as the Subject has a good
credit control and it could be taking advantage of the cash discounts while
maintaining a good reputation with its creditors.
The industry has reached its optimum level and is generally stable. It is
saturated and very competitive. Thus, the Subject's growth prospect is very
much depends on its capacity in sustaining its performance in the market.
Based on the above condition, we recommend credit be granted to the Subject
normally.
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
TIMURAN
ENTERPRISE SDN. BHD.
|
|
Financial
Year End
|
2013-12-31
|
2012-12-31
|
2011-12-31
|
2010-12-31
|
2009-12-31
|
|
Months
|
12
|
12
|
12
|
12
|
12
|
|
Consolidated
Account
|
Company
|
Company
|
Company
|
Company
|
Company
|
|
Audited
Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's
Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
SUMMARY
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
TURNOVER
|
89,294,841
|
73,485,673
|
73,211,021
|
54,650,502
|
33,210,456
|
|
Other Income
|
-
|
417,078
|
292,462
|
348,275
|
111,132
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
89,294,841
|
73,902,751
|
73,503,483
|
54,998,777
|
33,321,588
|
|
Costs of Goods
Sold
|
-
|
(68,545,089)
|
(69,331,052)
|
(51,364,346)
|
(30,652,521)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
-
|
5,357,662
|
4,172,431
|
3,634,431
|
2,669,067
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
1,088,639
|
737,471
|
468,197
|
399,878
|
158,975
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
1,088,639
|
737,471
|
468,197
|
399,878
|
158,975
|
|
Taxation
|
(200,970)
|
(215,905)
|
(122,093)
|
(117,611)
|
(59,414)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
887,669
|
521,566
|
346,104
|
282,267
|
99,561
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously
reported
|
2,442,498
|
1,920,932
|
1,574,828
|
1,292,561
|
1,193,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
2,442,498
|
1,920,932
|
1,574,828
|
1,292,561
|
1,193,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
3,330,167
|
2,442,498
|
1,920,932
|
1,574,828
|
1,292,561
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD
|
3,330,167
|
2,442,498
|
1,920,932
|
1,574,828
|
1,292,561
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L)
|
|
|
|
|
|
|
Bank overdraft
|
-
|
197,086
|
194,635
|
157,400
|
126,034
|
|
Hire purchase
|
-
|
9,245
|
14,265
|
26,593
|
28,003
|
|
Term loan /
Borrowing
|
-
|
75,298
|
79,074
|
78,305
|
78,812
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
-
|
281,629
|
287,974
|
262,298
|
232,849
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
TIMURAN ENTERPRISE
SDN. BHD.
|
|
ASSETS
EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
4,248,769
|
4,533,998
|
4,395,743
|
4,644,211
|
4,439,779
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
4,248,769
|
4,533,998
|
4,395,743
|
4,644,211
|
4,439,779
|
|
|
|
|
|
|
|
Stocks
|
-
|
1,987,464
|
4,333,482
|
2,815,880
|
3,708,782
|
|
Trade debtors
|
-
|
5,216,342
|
3,016,785
|
4,187,440
|
3,132,668
|
|
Other debtors,
deposits & prepayments
|
-
|
128,050
|
169,168
|
424,452
|
685,402
|
|
Amount due
from related companies
|
-
|
393,952
|
112,173
|
-
|
-
|
|
Cash &
bank balances
|
-
|
181,070
|
145,101
|
42,624
|
93,030
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
14,783,174
|
7,906,878
|
7,776,709
|
7,470,396
|
7,619,882
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
19,031,943
|
12,440,876
|
12,172,452
|
12,114,607
|
12,059,661
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
Trade
creditors
|
-
|
3,391,754
|
3,380,544
|
1,997,466
|
2,838,365
|
|
Other
creditors & accruals
|
-
|
319,999
|
575,830
|
524,271
|
489,551
|
|
Hire purchase
& lease creditors
|
-
|
84,352
|
163,163
|
239,666
|
239,330
|
|
Bank overdraft
|
-
|
647,914
|
980,993
|
3,786,507
|
3,257,844
|
|
Short term
borrowings/Term loans
|
-
|
159,284
|
153,982
|
148,031
|
139,264
|
|
Bill &
acceptances payable
|
-
|
2,307,000
|
2,000,000
|
685,000
|
342,000
|
|
Amounts owing
to director
|
-
|
245,306
|
83,035
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
13,101,288
|
7,155,609
|
7,337,547
|
7,380,941
|
7,306,354
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
1,681,886
|
751,269
|
439,162
|
89,455
|
313,528
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
5,930,655
|
5,285,267
|
4,834,905
|
4,733,666
|
4,753,307
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share
capital
|
1,500,000
|
1,500,000
|
1,500,000
|
1,500,000
|
1,500,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
1,500,000
|
1,500,000
|
1,500,000
|
1,500,000
|
1,500,000
|
|
|
|
|
|
|
|
Retained
profit/(loss) carried forward
|
3,330,167
|
2,442,498
|
1,920,932
|
1,574,828
|
1,292,561
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
3,330,167
|
2,442,498
|
1,920,932
|
1,574,828
|
1,292,561
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
4,830,167
|
3,942,498
|
3,420,932
|
3,074,828
|
2,792,561
|
|
|
|
|
|
|
|
Long term
loans
|
-
|
1,132,490
|
1,254,522
|
1,391,522
|
1,532,127
|
|
Hire purchase
creditors
|
-
|
104,701
|
53,873
|
169,824
|
358,456
|
|
Deferred
taxation
|
-
|
105,578
|
105,578
|
97,492
|
70,163
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM LIABILITIES
|
1,100,488
|
1,342,769
|
1,413,973
|
1,658,838
|
1,960,746
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
5,930,655
|
5,285,267
|
4,834,905
|
4,733,666
|
4,753,307
|
|
=============
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=============
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=============
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=============
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=============
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TIMURAN
ENTERPRISE SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
-
|
181,070
|
145,101
|
42,624
|
93,030
|
|
Net Liquid
Funds
|
-
|
(2,773,844)
|
(2,835,892)
|
(4,428,883)
|
(3,506,814)
|
|
Net Liquid
Assets
|
1,681,886
|
(1,236,195)
|
(3,894,320)
|
(2,726,425)
|
(3,395,254)
|
|
Net Current
Assets/(Liabilities)
|
1,681,886
|
751,269
|
439,162
|
89,455
|
313,528
|
|
Net Tangible
Assets
|
5,930,655
|
5,285,267
|
4,834,905
|
4,733,666
|
4,753,307
|
|
Net Monetary
Assets
|
581,398
|
(2,578,964)
|
(5,308,293)
|
(4,385,263)
|
(5,356,000)
|
|
BALANCE SHEET
ITEMS
|
|
|
|
|
|
|
Total
Borrowings
|
-
|
4,435,741
|
4,606,533
|
6,420,550
|
5,869,021
|
|
Total
Liabilities
|
14,201,776
|
8,498,378
|
8,751,520
|
9,039,779
|
9,267,100
|
|
Total Assets
|
19,031,943
|
12,440,876
|
12,172,452
|
12,114,607
|
12,059,661
|
|
Net Assets
|
5,930,655
|
5,285,267
|
4,834,905
|
4,733,666
|
4,753,307
|
|
Net Assets
Backing
|
4,830,167
|
3,942,498
|
3,420,932
|
3,074,828
|
2,792,561
|
|
Shareholders'
Funds
|
4,830,167
|
3,942,498
|
3,420,932
|
3,074,828
|
2,792,561
|
|
Total Share
Capital
|
1,500,000
|
1,500,000
|
1,500,000
|
1,500,000
|
1,500,000
|
|
Total Reserves
|
3,330,167
|
2,442,498
|
1,920,932
|
1,574,828
|
1,292,561
|
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LIQUIDITY
(Times)
|
|
|
|
|
|
|
Cash Ratio
|
-
|
0.03
|
0.02
|
0.01
|
0.01
|
|
Liquid Ratio
|
-
|
0.83
|
0.47
|
0.63
|
0.54
|
|
Current Ratio
|
1.13
|
1.10
|
1.06
|
1.01
|
1.04
|
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WORKING
CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
-
|
10
|
22
|
19
|
41
|
|
Debtors Ratio
|
-
|
26
|
15
|
28
|
34
|
|
Creditors
Ratio
|
-
|
18
|
18
|
14
|
34
|
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SOLVENCY
RATIOS (Times)
|
|
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Gearing Ratio
|
-
|
1.13
|
1.35
|
2.09
|
2.10
|
|
Liabilities
Ratio
|
2.94
|
2.16
|
2.56
|
2.94
|
3.32
|
|
Times Interest
Earned Ratio
|
-
|
3.62
|
2.63
|
2.52
|
1.68
|
|
Assets Backing
Ratio
|
3.95
|
3.52
|
3.22
|
3.16
|
3.17
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
|
|
Operating
Profit Margin
|
1.22
|
1.00
|
0.64
|
0.73
|
0.48
|
|
Net Profit
Margin
|
0.99
|
0.71
|
0.47
|
0.52
|
0.30
|
|
Return On Net
Assets
|
18.36
|
19.28
|
15.64
|
13.99
|
8.24
|
|
Return On
Capital Employed
|
18.36
|
16.94
|
12.65
|
7.56
|
4.75
|
|
Return On
Shareholders' Funds/Equity
|
18.38
|
13.23
|
10.12
|
9.18
|
3.57
|
|
Dividend Pay
Out Ratio (Times)
|
-
|
0.00
|
0.00
|
0.00
|
0.00
|
|
NOTES TO
ACCOUNTS
|
|
|
|
|
|
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Contingent
Liabilities
|
-
|
0
|
0
|
0
|
0
|
|